Important Tax Tips For All Home Owners

Taxes. Just hearing this word raises many people's blood pressure and causes an immense amount of anxiety. Every year the tax season comes and every year we dread doing them just as much as the previous year. The deadline looms over us and as hard as we try to ignore it, we can't. The goal is to find an OC Property Management company that knows everything home related. Let Balboa Realty help you distress your life with our tax tips. If you own a home you will have to decide if you want to claim a standard deduction or an itemized deduction. Selecting the right one for you and your current situation can bring you super savings. Balboa Realty, a leader in Orange County property management will help you with all things home related.

Call Balboa Realty today: 949-386-8310

Standard Deduction

A standard deduction is a set deduction amount that a tax payer is allowed to deduct. No questions are asked, it is just a flat amount and it is a reduction to your adjusted gross income. Congress is responsible for deciding this standard deduction amount and it changes year to year based upon inflation. This is a simple and easy way to make sure you get a deduction on your taxes with minimal effort. You don't need to be a tax expert to file under a standard deduction which is one of the main reasons people choose this option. In the off chance that you get audited you will not have to keep receipts and records for proof.

There are a variety of Orange County Property Management companies so find out why Balboa Realty is right for you. Call: 949-386-8310 

Itemized Deduction 

Buying a home is usually the largest item that can qualify for a tax deduction and is often a driving force as to why you might want to choose to file an itemized deduction. These deductions are a variety of expenses that you want to "write off" and you will be required to list all of these deductions when filling out your tax forms. By listing these expenses out you could qualify for a significant amount of savings. Some of these itemized deductions are: property taxes, interest on your home mortgage, real estate taxes, business expenses, transportation expenses, income taxes etc. When you recently buy a home you have the opportunity to deduct the interest on your home which is mostly likely more than a standard deduction. If you are a homeowner and it is not a recent purchase you will want to calculate both a standard deduction and an itemized deduction to see which one will save you more money.

Published on Friday, February 23, 2018